Many millennials have been taking the attitude of "don't worry, be happy" when it comes to their careers.
In other words, the economy is doing so well, that many young adults are taking a career break, believing that they can get a good job when they're ready to go back to work.
You may have caught one of these headlines in recent months:
- 43% Of Millennials Plan To Quit Their Job Within 2 Years (Forbes, May 22)
- Why more millennials are quitting lucrative jobs to travel (CBS News, July 31)
In one way, this is not surprising, given that economic optimism tends to follow an uptrend in stocks, even for a time after the stock market peaks.
But, the August Elliott Wave Financial Forecast offers this warning for those in their '20s and '30s who are contemplating some "time off":
Presidential economic advisor Lawrence Kudlow added another observation that may be long remembered. "There is no recession in sight right now." Virtually every economist agrees. There was similar wide-spread agreement in October 2007, March 2000, January 1973 and of course October 1929, when the Great Crash was just days away and the day's leading economist, Irving Fisher, famously placed the economic outlook on a "permanently high plateau." ... Here's another headline from the New York Post on July 25 that reveals the depth of the current complacency: "Burned-Out Millennials Are Quitting Lucrative Jobs." The Elliiott Wave Financial Forecast observed the same phenomenon in 2000, when the stock market was in the process of starting a significant bearish trend. The July 2000 issue cited an article titled, "Give Me a Break!," in which "burned-out, high-tech executives" demanded "the ultimate perk: a long breather from work." As we recall, these were well-established professionals seeking sabbaticals. At this point, newbie millennials are completely walking away from good jobs that they will surely pine to have back, probably not long after the economy catches up to the reversal in stocks. As EWFF noted in 2000, millennial job-quitters should be careful: The last time people walked away from jobs in similar numbers as now, "they got a much longer winter's nap than they bargained for."